Meaning of Employee Provident Fund

EPF is Social Security and Timely Monetary Assistance to Industry Employees and their legal heirs. It is governed by The Employees Provident Funds and Miscellaneous Provisions Act, 1952. The Act provides for the institution of provident funds, pension fund and deposit-linked insurance fund for employees in factories and other establishments. It extends to the whole of India. The following three schemes have been framed under the Act by the Central Government:
(a) The Employees’ Provident Fund Schemes, 1952;
(b) The Employees’ Pension Scheme, 1995; and
(c) The Employees’ Deposit-Linked Insurance Scheme; 1976.
The three schemes mentioned above confer significant social security benefits on employees and their dependents..

Members may be benefited for their needs such as 

(i) Retirement
(ii) Medical Care
(iii) Housing
(iv) Family obligation
(v) Education of Children
(vi) Financing of Insurance Polices etc.

Wage Limit

From 01.09.2014 onwards, wage limit is Rs. 15000/- Per month. So the person who is getting wages above Rs. 15000/- is outside the purview of Employee Provident Fund Scheme.

Documents Required for Coverage Under PF Registration

A Copy of the Following Each Document is required
1. Name of the Company
2. Date of setup of the Company
3. Scan copy of Company’s PAN ( Proprietor’s, in case of Proprietorship concern)
4. Scan copy of Licences available in name of the company. (like GST, etc)
5. Scan copy cheque of Company’s Bank A/c
6. Address of the Company with address proof
7. List of Directors/Partners
8. Address Proof of Proprietor/Director/Partner
9. Email Address, Mobile Number of Proprietor/Director/Partner
10. Copy of First Sale Bill/Job Work Bill and First Purchase Bill:
11. Monthly strength of employees from Date of Setup
12. Current List of Employees with Details:
      1. Name
      2. Father’s Name
      3. Date of Joining
      4. Date of Birth
      5. Mobile Number
      6. Postal Address
      7. Name of Nominee
      8. Grade ( Unskilled, Semi, Skilled)
      9. Salary
     10. Designation
     11. ID proof (Aadhar and PAN)
     12. Bank A/c Number with IFS Code
     13. Digital Signature of Proprietor/Director/Parnter